Situation:

Asset Based Lending recently funded a fix and flip loan in Fort Lauderdale Florida. The borrower is a first-time borrower and part-time real estate investor. The property was purchased for $525,000 with a renovation budget of $206,400 and total loan funded at 89% LTC. The borrower plans on holding this property as an income-producing asset with ABL’s rental refinance program. This property is a single-family 4-bedroom, 2-bathroom measured at 2,185 square feet that will be converted into 5-bedroom, 3-bathroom measured at 2,800 square feet. The home will receive new impact windows, new landscaping, new deck, and existing dock will be rebuilt. Kitchen will receive new Samsung appliances and quartz countertops while all bathrooms are completely redone. Renovation is expected to take five months with refinancing occurring shortly after completion.